Ki Young Ju, the CEO and co-founder of CryptoQuant, has tweeted that there will be a massive $1 billion worth of buying pressure on Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). Ju’s announcement was based on a tweet by Binance, the leading cryptocurrency exchange in daily trading volume, which stated that it would convert the remaining $1 billion Industry Recovery Initiative funds from BUSD to native cryptos including BTC, BNB, and ETH.
The crypto market has also been on the rise, with CoinMarketCap showing that the total market cap has reclaimed the $1 trillion mark and currently stands at $1.03 trillion. This increase of 7.31% in the past 36 hours has been particularly beneficial for BTC, the crypto market leader, whose price has risen by 9.14% to reach $22,468.86. Additionally, the weekly performance for BTC has turned positive, currently at +0.42%. BTC’s dominance in the crypto market has also risen by 0.49% to reach 42.24%.
ETH, the altcoin leader, has also experienced a 24-hour price increase of 8.38%. The altcoin’s weekly performance has also turned positive and stands at +2.88%. As a result, ETH’s price currently stands at $1,604.68.
Binance’s native crypto token, BNB, has also seen an 8.82% price boost over the last 24 hours, changing hands at $304.87. The altcoin’s weekly performance has also turned positive, with its price up 6.61% over the last 7 days.
The announcement by Ju and Binance’s decision to convert the remaining $1 billion Industry Recovery Initiative funds to BTC, ETH, and BNB have further solidified the position of these cryptocurrencies in the market. The crypto market’s recent bullish run is expected to continue in the coming weeks, with many analysts predicting further price increases for BTC, ETH, and BNB.
Major cryptocurrencies are trading as follows as of 9 am IST, 14th March 2023:
Bitcoin: $24,761.52 USD
+9.83%
Ethereum: $1,703.20 USD
+5.39%
Tether: $1.02 USD
+0.02%
USD Coin: $1.01 USD
+0.38%
BNB: $311.38 USD
+6.74%
XRP: $0.3769 USD
+0.80%
Dogecoin: $0.07373 USD
+3.58%
Cardano: $0.35 USD
+1.61%
Polygon: $1.20 USD
+4.22%
Polkadot: $6.18 USD
+3.50%
Tron: $0.06741 USD
+2.19%
Litecoin: $82.08 USD
+4.03%
Shibu Inu: $0.00001131 USD
+3.11%
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